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Economy | 8 September, 2009 [ 14:46 ]

Climate Change may Cost Peru US$855 Billion


LivinginPeru.com
Katrina Heimark

According to El Comercio, the Central Reserve Bank of Peru estimates that from 2009 until 2050, climate change will cost the Peruvian Government six to seven times the total of Peru’s GDP in 2008.

This total is estimated to be between US$ 729 billion and US$855 billion, as in 2008 Peru’s Gross Domestic Product reached US$114 billion.

The range in numbers is based upon the fluctuation of climate change. The highest number corresponds to the harshest estimate, which indicates that the average temperature will increase by 2 degrees Celsius, and that precipitation will increase by 20% by the year 2050.

The study indicates that the annual loss Peru’s economy will sustain will equal that of 7.3 to 8.6% of the country’s yearly GDP. José Arista, the vice-minister of housing, stated that “in order to combat climate change, it is necessary to […] adapt our economy to new climate conditions.”

The minister of the environment, Antonio Brack, argued that measures are being taken to reduce greenhouse gas emissions by 50% within the next ten years.

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1 Comment

# Martin says :
8 September, 2009 [ 17:24 ]

Peruvians can do much to locally reduce greenhouse gas emisions and much is under the control of the Ministry of the Environment - such as forbidding the use of mototaxis or motos that drive across the hills near Lima. They use 2-stroke engines which contribute to much more pollution than cars. In addition, the motos leave trails in the fragile desert that will take years to go away.
Climate warming is rapidly melting the alpine glaciers of the high Andes and the ice fields are not being replenished in sufficient amounts. Peru depends on this meltwater for 80% of its fresh water supply - at prices that 'average' Peruvians can now afford to pay. Desalination of sea water will greatly increase the cost of fresh water.

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